WEBVTT - US Trade Representative Jamieson Greer Talks US Trade Policy 0:00:02.480 --> 0:00:07.000 Bloomberg Audio Studios, podcasts, radio news. 0:00:07.640 --> 0:00:09.479 I'm here with the Ambassador Jamison Greer here on the 0:00:09.480 --> 0:00:10.960 sidelines at the Aspense Security Forum. 0:00:10.960 --> 0:00:12.319 Great to have you with us. 0:00:12.360 --> 0:00:14.440 And you were just on a panel and you said 0:00:14.440 --> 0:00:15.720 you have an aversion to making news. 0:00:15.800 --> 0:00:16.400 I'm going to try. 0:00:16.520 --> 0:00:18.400 Nonetheless, I think there are a lot of folks wondering 0:00:18.640 --> 0:00:20.759 about Brazil, in particular, seen as this test case for 0:00:20.800 --> 0:00:24.400 the Section three oh one tariffs statutory deadline is today. 0:00:24.560 --> 0:00:26.239 Anything that you can say about the process and where 0:00:26.239 --> 0:00:27.200 it stands and what we can. 0:00:27.080 --> 0:00:28.440 Expect it's today. 0:00:28.480 --> 0:00:32.240 So our Section three oh one investigations, they are legal investigations. 0:00:32.320 --> 0:00:35.080 We have two sets of hearings, we do two sets 0:00:35.120 --> 0:00:38.880 of public comments, and we're focused on unfair trading practices 0:00:38.960 --> 0:00:39.559 by Brazil. 0:00:39.640 --> 0:00:41.320 So we have to have a legal basis to do this. 0:00:41.479 --> 0:00:43.680 And there are all kinds of things that Brazil has 0:00:43.720 --> 0:00:48.920 been doing. They've been censoring our digital tech companies. They've 0:00:48.960 --> 0:00:53.360 been restricting our access for ethanol to their market. They've 0:00:53.400 --> 0:00:56.920 been actually engaging in illegal deforestation in the Amazon, which 0:00:56.960 --> 0:00:58.520 gives them a leg up on all the agg where 0:00:58.560 --> 0:01:01.080 they displace our ag exports to third countries. So there 0:01:01.080 --> 0:01:02.200 are a lot of things like this that have been 0:01:02.200 --> 0:01:04.440 problem for a long time with Brazil. So we've been 0:01:04.440 --> 0:01:08.319 investigating this. Today we'll announce our final action. I had 0:01:08.319 --> 0:01:11.679 a conversation, a video conversation with my counterpartn Brazil last night, 0:01:11.920 --> 0:01:15.039 very cordial. We've had intensive negotiations with them. I think 0:01:15.040 --> 0:01:17.000 there's still a lot of gaps between us, so we 0:01:17.080 --> 0:01:19.720 probably have to have some kind of action, but then 0:01:19.760 --> 0:01:20.640 continued discussions. 0:01:20.640 --> 0:01:23.440 I think expectation twenty five percent in line with what 0:01:23.440 --> 0:01:24.600 you're thinking in terms of the range. 0:01:24.680 --> 0:01:28.640 Well, this is what was proposed by my office at 0:01:28.640 --> 0:01:34.600 the presence direction, so this is probably what we're looking at. Again, 0:01:34.640 --> 0:01:37.039 I don't want to get ahead of the president. He's 0:01:37.040 --> 0:01:39.000 signing something today. I just got off the phone with 0:01:39.080 --> 0:01:42.120 him and so we'll have more details to come. But 0:01:42.160 --> 0:01:44.919 again I just want to emphasize these are unfair trading 0:01:44.920 --> 0:01:48.120 practices that Brazil has had in place against American exporters 0:01:48.120 --> 0:01:50.840 and workers for many years. The President is trying to 0:01:50.880 --> 0:01:54.240 resolve these and we're doing it by negotiation. Where we 0:01:54.240 --> 0:01:56.280 need to use leverage of tariffs, that's what we're allowed 0:01:56.280 --> 0:01:58.000 to do with Section three oh one. We'll do that 0:01:58.040 --> 0:01:58.800 where it's necessary. 0:01:58.920 --> 0:02:01.160 Ask you about Vietnam as well. All I understand representatives 0:02:01.160 --> 0:02:03.400 of Vietnam have been in Washington meeting with your staff. 0:02:03.400 --> 0:02:04.640 Any update that you can give us. 0:02:04.520 --> 0:02:06.920 On the status of those negotiations. 0:02:06.920 --> 0:02:10.520 Yes, So we have Vietnamese officials in Washington this week 0:02:10.919 --> 0:02:13.359 negotiating with all of the trade deals we've done over 0:02:13.360 --> 0:02:15.840 the past year and a half, all of them have 0:02:15.880 --> 0:02:19.040 had some core issues. Obviously tariffs, we want other countries 0:02:19.080 --> 0:02:21.639 to take down their tariffs, non tariff barriers where they 0:02:21.639 --> 0:02:25.040 restrict US exports of goods and services. Also things like 0:02:25.080 --> 0:02:27.639 economic security where if we're going to be shipping them 0:02:27.680 --> 0:02:30.000 some of our high tech equipment, they need to align 0:02:30.000 --> 0:02:31.960 with us on export controls and other things. So this 0:02:32.000 --> 0:02:34.720 is something we expect from the Vietnamese. And then there 0:02:34.720 --> 0:02:38.400 are things like just basic standards of intellectual property and 0:02:38.440 --> 0:02:41.120 other things. The type of things that the rules that 0:02:41.680 --> 0:02:43.600 our companies abide by we want them to do so 0:02:43.680 --> 0:02:46.120 as well. So I have a separate investigation with Vietnam 0:02:46.160 --> 0:02:48.640 involving intellectual property because they've been a bad actor in 0:02:48.680 --> 0:02:52.160 this space. So these are the types of things intellectual property, 0:02:52.200 --> 0:02:55.680 economic security, where we still have open areas of discussion. 0:02:55.400 --> 0:02:58.280 Switzerland's top trade diplomatical Bloomberg, there's a good chance they'll 0:02:58.280 --> 0:03:01.120 get to a fifteen percent deal and stable. Can you 0:03:01.160 --> 0:03:03.960 confirm that negotiations with Switzerland are going well. 0:03:03.800 --> 0:03:05.600 Well, I know that's what they want. 0:03:05.680 --> 0:03:08.880 I know that is the substance of a framework agreement 0:03:08.919 --> 0:03:10.360 we agreed to a few months ago. 0:03:11.000 --> 0:03:12.560 One interesting thing with Switzerland. 0:03:12.680 --> 0:03:15.080 We've been very concerned with our trade deafs with Switzerland, 0:03:15.080 --> 0:03:17.280 but over the past six to seven months, the United 0:03:17.320 --> 0:03:19.720 States is now in surplus with Switzerland in goods. So 0:03:19.760 --> 0:03:23.120 that's a really positive development. The Swiss are investing here 0:03:23.120 --> 0:03:25.919 in America. In fact, this week I'm going to visit 0:03:26.160 --> 0:03:29.840 a plant in Utah where they are producing railway equipment. 0:03:30.200 --> 0:03:32.240 It's a Swiss company. They're coming here that bringing their 0:03:32.240 --> 0:03:34.800 apprenticeship program. So the Swiss are doing a lot of 0:03:34.800 --> 0:03:36.400 the things they need to do to get right with 0:03:36.440 --> 0:03:39.960 the US. Negotiations are still ongoing, so I can't guarantee anything, 0:03:40.000 --> 0:03:41.280 but there's positive direction there. 0:03:41.440 --> 0:03:44.040 Ask you about the sanctions bill newly elevated after the 0:03:44.080 --> 0:03:47.320 passing of Senator Lindsey Graham. Senator Richard Blumenthal said, you've 0:03:47.320 --> 0:03:49.360 been involved in conversations about that is it in a 0:03:49.360 --> 0:03:50.720 place now that the White House that you and the 0:03:50.760 --> 0:03:51.720 White House are happy with. 0:03:52.480 --> 0:03:54.360 So there are a lot of elements to this bill. 0:03:54.400 --> 0:03:57.280 There's a teriff element, there's a sanctions element, all of 0:03:57.320 --> 0:04:00.960 which are designed to give the President discretion to deploy 0:04:02.160 --> 0:04:05.320 pressure on Russia and those who are supporting Russia. So 0:04:05.840 --> 0:04:08.280 we've worked very constructively with the Senate on this. There 0:04:08.280 --> 0:04:09.720 are a lot of good things to be said about it. 0:04:09.760 --> 0:04:11.640 I just spoke with the President about it as well, 0:04:12.000 --> 0:04:14.240 so I think there's an openness there. I think we'll 0:04:14.240 --> 0:04:16.640 see within the next couple of days, you know, final 0:04:16.720 --> 0:04:19.720 views from the President on whether he wants to be supportive. 0:04:19.800 --> 0:04:22.159 I think that we have it in a pretty good place. 0:04:22.800 --> 0:04:25.040 I think it's meaningful that this is something that Senator 0:04:25.080 --> 0:04:27.679 Graham and I and Senator Blumenthal and others were working 0:04:27.720 --> 0:04:31.360 on up until his last days, and that's meaningful as well. 0:04:31.360 --> 0:04:33.479 It would give the present the latitude to impose TARRASF 0:04:33.560 --> 0:04:35.800 up to one hundred percent, as I understand it, on 0:04:35.839 --> 0:04:39.000 the largest importers of Russian oil. Any indication from him 0:04:39.000 --> 0:04:41.320 if he's prepared to do that should this be past, well. 0:04:41.600 --> 0:04:43.960 I mean, I think you know, when I talk to 0:04:44.000 --> 0:04:46.839 the President about this kind of issue. He wants to 0:04:46.839 --> 0:04:49.520 be careful about the way he deploys this kind of leverage. 0:04:50.440 --> 0:04:54.960 Geopolitics are very fragile, and this is something whether it's 0:04:55.000 --> 0:04:58.039 a terrif action or sanctions action or anything, something that 0:04:58.080 --> 0:04:59.479 the President thinks about very carefully. 0:04:59.520 --> 0:05:00.479 He certainly talks to me. 0:05:00.560 --> 0:05:03.720 He talks to Secretary Best and Secretary Rubio, Secretary Lennik, he. 0:05:03.720 --> 0:05:04.320 Talks to everybody. 0:05:04.360 --> 0:05:06.640 He talks to people outside the government wants to He 0:05:06.680 --> 0:05:09.919 wants to hit the right spot of putting pressure on 0:05:10.040 --> 0:05:13.919 countries and putting pressure on Russia without creating more conflict 0:05:14.240 --> 0:05:16.240 or reducing the likelihood of a peace deal. 0:05:17.080 --> 0:05:18.919 The Section one twenty two tariffs set to expire in 0:05:18.960 --> 0:05:20.919 just a couple of days, really few days from now 0:05:21.120 --> 0:05:23.920 July twenty July twenty fourth, all but certain that the 0:05:23.960 --> 0:05:25.760 three one tariffs wund affect after that. Are we looking 0:05:25.760 --> 0:05:27.480 at perhaps a lapse kind of in coverage. 0:05:28.160 --> 0:05:30.360 I mean, the reality is the Section three oh one 0:05:30.400 --> 0:05:34.120 investigations I'm doing, where we've proposed some tariffs, they're on 0:05:34.200 --> 0:05:38.360 their own track. We're moving quickly, deliberately because we want 0:05:38.400 --> 0:05:41.040 to resolve the unfair trading practices that we're targeting with 0:05:41.160 --> 0:05:43.720 these investigations. So we're going to do them as soon 0:05:43.760 --> 0:05:45.840 as we can to get at these practices, you know, 0:05:45.920 --> 0:05:48.880 whether they're you know, day before, day of, day after, 0:05:49.160 --> 0:05:51.599 that's less important to us than making sure we're addressing 0:05:51.600 --> 0:05:54.000 these unfair trading practices and getting the leverage in place 0:05:54.040 --> 0:05:54.760 we need to resolve them. 0:05:54.800 --> 0:05:56.120 Do you have a timetable for one, you're going to 0:05:56.160 --> 0:05:58.560 bring that report to the President when you might see 0:05:58.560 --> 0:05:59.039 them enacted. 0:05:59.320 --> 0:06:01.640 We have a couple, right, so we have a section 0:06:01.720 --> 0:06:04.240 three oh one on forced labor, targeting countries who don't 0:06:04.279 --> 0:06:06.760 ban the import of forced labor goods. We do in America, 0:06:06.839 --> 0:06:09.159 other countries don't. Some have a law, but they don't 0:06:09.160 --> 0:06:11.800 necessarily enforce it. So we already have our report out 0:06:11.880 --> 0:06:14.600 on that, and so we can take action I think 0:06:14.680 --> 0:06:16.880 fairly quickly on that within the next few weeks. We 0:06:16.960 --> 0:06:21.080 have another investigations targeting a more compact group of countries 0:06:21.200 --> 0:06:23.800 on structural excess capacity. These are countries who have a 0:06:24.279 --> 0:06:26.840 typically have a big trade deficit with the world or 0:06:27.160 --> 0:06:29.640 a big sorry, a big trade surplus with the world, 0:06:29.720 --> 0:06:31.920 or a big trade surplus with US, or even if 0:06:31.920 --> 0:06:35.800 they don't they may have practices that generate factories or 0:06:35.880 --> 0:06:38.960 production that are totally out of whack with global demand. 0:06:39.720 --> 0:06:42.440 So this is a quite intense project. 0:06:42.560 --> 0:06:46.080 I have dozens and dozens of attorneys and policy makers 0:06:46.160 --> 0:06:50.000 working on this to really examine all of these practices. 0:06:50.360 --> 0:06:52.440 So it takes a little longer time than doing this 0:06:52.560 --> 0:06:55.000 forced labor one, which is a little bit of a 0:06:55.080 --> 0:06:56.960 binary where you're looking at you know, what do they 0:06:57.000 --> 0:06:58.360 have in place and are they enforcing it? 0:06:58.520 --> 0:06:59.599 This is more complex, does not. 0:06:59.600 --> 0:07:02.000 Explain the delay entirely or how long it's taking. Or 0:07:02.360 --> 0:07:04.680 there's been reports that maybe China, that China issue is 0:07:04.680 --> 0:07:06.239 complicating it more than it is with the others. 0:07:06.640 --> 0:07:08.880 No, no, I don't think that's the case at all, right, 0:07:08.880 --> 0:07:12.080 I mean China is included in this Structural Excess Capacity 0:07:12.160 --> 0:07:14.560 Section three oh one. The reality is it's a more 0:07:14.640 --> 0:07:18.000 complex investigation, and we have to make sure that we 0:07:18.120 --> 0:07:21.120 are hitting our milestones. You know, we've received a lot 0:07:21.160 --> 0:07:23.440 of comments from the public. We have to analyze those, 0:07:23.720 --> 0:07:26.560 we have to incorporate them into any responsive action we 0:07:26.680 --> 0:07:28.640 might take. So we're trying to make sure that we're 0:07:29.040 --> 0:07:30.960 we're actually living up to the letter of the law 0:07:31.440 --> 0:07:33.240 and the spirit of the law. We want to make 0:07:33.280 --> 0:07:36.280 sure that we're targeting these you know, these unfair trading 0:07:36.360 --> 0:07:40.880 practices that have led to frankly offshoring in the US 0:07:41.000 --> 0:07:44.040 and an inability to build new factories at times when 0:07:44.080 --> 0:07:47.720 you have other countries that are building factories or they're 0:07:48.000 --> 0:07:51.040 depressing demand in their own country. This is not how 0:07:51.160 --> 0:07:54.000 market economics are supposed to work, and it creates a 0:07:54.120 --> 0:07:56.560 situation where there's not enough incentive to build a new 0:07:56.600 --> 0:07:59.720 factory in America or to employ American workers because we 0:07:59.800 --> 0:08:02.160 have over capacity elsewhere. So we want to make sure 0:08:02.200 --> 0:08:05.800 that that capacity is restrained, restricted, or that we mitigate 0:08:05.880 --> 0:08:08.040 it somehow in our own economy so we can have 0:08:08.560 --> 0:08:10.800 market incentives to build here and to make here. 0:08:11.000 --> 0:08:12.280 I want to ask you about rare earths, and I 0:08:12.320 --> 0:08:14.440 wonder how you would assess China's performance when it comes 0:08:14.480 --> 0:08:17.200 to rare earths and as we get close to October, 0:08:17.240 --> 0:08:19.320 do you anticipate that that agreement will be renewed and 0:08:19.360 --> 0:08:20.040 due course. 0:08:20.200 --> 0:08:24.520 So China's compliance with the rare earth elements of our agreements, 0:08:25.320 --> 0:08:28.320 it's not perfect. I think everyone knows that you can 0:08:28.400 --> 0:08:31.040 read that in the paper that being said, we are 0:08:31.080 --> 0:08:33.480 getting a flow of rare earth. We don't have factory 0:08:33.480 --> 0:08:35.839 shutting down because they don't have it. But again, we 0:08:35.960 --> 0:08:37.679 really want to be in a position where we were 0:08:39.640 --> 0:08:41.720 in twenty twenty four and twenty twenty three in Prisident 0:08:41.720 --> 0:08:44.079 Trump's first term, where we had a regular flow of 0:08:44.160 --> 0:08:47.080 rare earth's. We also know that the Chinese they use 0:08:47.200 --> 0:08:49.680 rare earth for economic coercion. They did it in twenty 0:08:49.800 --> 0:08:52.280 ten and twenty eleven, they're doing it now, so it's 0:08:52.320 --> 0:08:53.480 not necessarily surprising. 0:08:54.280 --> 0:08:56.520 But we're continuing, you know, to have some flow. 0:08:56.640 --> 0:08:59.160 And where we have gaps, where we have problems the 0:08:59.200 --> 0:09:01.640 sector of the treasure and I, we work with our 0:09:01.720 --> 0:09:03.920 counterpart in China to try to loosen that flow up. 0:09:04.200 --> 0:09:07.480 Sometimes we're more successful than others. One important thing is 0:09:07.520 --> 0:09:09.680 we're moving forward in the US on rare earth production. 0:09:10.160 --> 0:09:11.880 One of the things I'm doing on my trip out 0:09:11.920 --> 0:09:15.000 west here, I'm going to Utah to visit facility where 0:09:15.120 --> 0:09:18.280 we've already they've discovered rare earth in the Utah Desert 0:09:18.600 --> 0:09:21.640 and they're refining them and further manufacturing them at a 0:09:21.720 --> 0:09:24.880 facility in Utah, which is a great development for US 0:09:25.120 --> 0:09:26.679 national and economic security. 0:09:26.920 --> 0:09:29.959 You've got rare earths there's huge pharmaceutical dependence as well, 0:09:30.080 --> 0:09:31.679 and I wonder how you're thinking about that, the way 0:09:31.720 --> 0:09:34.240 that you can kind of curb our reliance on Chinese 0:09:34.240 --> 0:09:35.720 pharmaceuticals and ingredients. 0:09:36.360 --> 0:09:37.360 We think about this a lot. 0:09:37.920 --> 0:09:40.439 This is really critical because at the end of the day, 0:09:40.880 --> 0:09:44.640 if somehow you lose access to Chinese inputs, it can 0:09:44.679 --> 0:09:47.120 be a huge challenge for our own manufacturing base. And 0:09:47.240 --> 0:09:50.360 some people will say, well, what about India, Fine, but 0:09:50.520 --> 0:09:52.520 a lot of the inputs that India uses also come 0:09:53.760 --> 0:09:57.040 from China. One great thing that we're seeing as we 0:09:57.200 --> 0:10:00.559 try to encourage companies to reshore is we actually have 0:10:00.720 --> 0:10:05.719 commitments from seventeen pharmaceutical companies, you know, the most the 0:10:05.880 --> 0:10:09.319 largest and the most major pharmaceutical companies, not only to 0:10:10.200 --> 0:10:13.240 lower prices of medication here in the US pharmaceutical prices 0:10:13.280 --> 0:10:15.560 have gone down by two point five percent, but they've 0:10:15.559 --> 0:10:18.640 also agreed to reshore here and to manufacture here. And 0:10:18.720 --> 0:10:21.559 so we have companies like Eli Lilly and Novardes and 0:10:21.600 --> 0:10:25.440 others actually pouring concrete and superstructures going up in new 0:10:25.480 --> 0:10:28.599 facilities in North Carolina and Indiana and southern California. So 0:10:28.679 --> 0:10:30.880 this actually, for me, has been a really bright spot 0:10:31.200 --> 0:10:34.000 of our efforts to reshot critical production in America. 0:10:34.280 --> 0:10:37.319 In the trade REPS glossary, transhipments is a word. Yes, 0:10:38.160 --> 0:10:40.959 I'm wondering how you are thinking about monitoring and blocking 0:10:41.000 --> 0:10:42.280 tranship and when it comes to China. 0:10:42.480 --> 0:10:44.360 So it is a gloss it is a word in 0:10:44.400 --> 0:10:46.720 our glossary. But it can mean different things. Right, there's 0:10:46.800 --> 0:10:50.600 kind of like your pure illegal transhipment where something's made 0:10:50.679 --> 0:10:52.880 in China, they send it to Vietnam and they put 0:10:52.920 --> 0:10:54.640 a made in Vietnam sticker and send it over. It's 0:10:54.679 --> 0:10:57.440 just illegal, right, and that's on Customs and Border Protection 0:10:57.559 --> 0:11:01.360 to enforce that right. So do investigations to identify areas 0:11:01.480 --> 0:11:04.199 of fraud and go after it, and we and we're 0:11:04.240 --> 0:11:06.079 doing that. A day or two ago we had a 0:11:06.120 --> 0:11:09.520 big announcement with DOJ teaming up with CPP. They've alread 0:11:09.559 --> 0:11:11.520 found a billion dollars in customs fraud and some of 0:11:11.559 --> 0:11:14.360 that is transhipment. And then you have another issue where 0:11:14.400 --> 0:11:17.960 you have you know country it's often Asian inputs, China, Vietnam. 0:11:18.440 --> 0:11:21.160 They go to a third country, maybe Mexico, and they 0:11:21.280 --> 0:11:24.040 do just enough work where they can legally say this 0:11:24.160 --> 0:11:26.199 is actually from Mexico. So maybe we should get a 0:11:26.240 --> 0:11:28.920 better terrif rate than if it were from China. That's 0:11:28.960 --> 0:11:31.720 an issue, and that's a problem with Mexico right now 0:11:31.800 --> 0:11:34.520 for example, and some of our discussions we're talking about 0:11:34.559 --> 0:11:36.360 rules of origin and saying, if you want to get 0:11:36.520 --> 0:11:39.400 a better deal bringing something in from Mexico or name 0:11:39.480 --> 0:11:41.920 your country, you have to make sure it's actually has 0:11:42.080 --> 0:11:44.240 US content. You have to make sure it actually has 0:11:44.760 --> 0:11:47.240 you know, Mexican content or whatever it is, and you 0:11:47.360 --> 0:11:49.400 have to have that as high as possible to protect 0:11:49.440 --> 0:11:51.840 against this other type of transhipment, which is a little 0:11:51.880 --> 0:11:53.040 more difficult to detect. 0:11:53.559 --> 0:11:54.920 Last question here, and you're gonna have to tell me 0:11:54.960 --> 0:11:56.679 how you trea USh your schedule and look at all 0:11:56.720 --> 0:11:58.480 of these deadlines. But yeah, you know, there's a long 0:11:58.520 --> 0:12:00.280 way to go until this meeting in septime when the 0:12:00.360 --> 0:12:02.360 Chinese president comes to the United States. But let me 0:12:02.400 --> 0:12:04.120 ask you lastly sort of how you're thinking about that. 0:12:04.200 --> 0:12:06.040 You were so integral to the conversations that took place 0:12:06.400 --> 0:12:09.520 in Beijing. What are you expecting deliverables wise to come 0:12:09.559 --> 0:12:11.320 out of that meeting in Washington in a couple months. 0:12:11.440 --> 0:12:14.720 Well, the number one deliverable we always have between President 0:12:14.760 --> 0:12:17.599 Trump and President She is to continue the stability of 0:12:17.720 --> 0:12:20.959 the relationship. Both of these leaders are very committed to 0:12:21.080 --> 0:12:25.199 having a strong and solid personal relationship. Now that doesn't 0:12:25.240 --> 0:12:27.760 mean we don't have issues in the broader relationship. 0:12:27.840 --> 0:12:28.439 Obviously we do. 0:12:28.840 --> 0:12:30.439 China is a big challenge for the US in a 0:12:30.520 --> 0:12:32.439 lot of ways, but we want to make sure we're 0:12:32.480 --> 0:12:36.760 delivering stability. There's never been a situation where the US 0:12:36.800 --> 0:12:38.439 side or even the Chinese side, has gone out and 0:12:38.480 --> 0:12:40.960 said everyone should expect a comprehensive. 0:12:40.400 --> 0:12:41.840 Agreement that resolves all issues. 0:12:41.880 --> 0:12:43.959 Like. No one's ever promised that, so that's not what 0:12:44.080 --> 0:12:47.800 we expect. We will have an opportunity to take stock 0:12:47.920 --> 0:12:50.960 of Chinese commitments with respective purchases of soybeans and other 0:12:51.000 --> 0:12:53.720 agricultural products. Will take stock on the rare of issues 0:12:53.760 --> 0:12:56.120 we decided, so I think it'll be a moment for 0:12:56.200 --> 0:13:00.439 stock taking, confirming the relationship, making sure that China is 0:13:00.440 --> 0:13:03.480 complying with what it's agreed to do. That's really what 0:13:03.600 --> 0:13:05.200 we're looking forward to in this meeting.